Recently, gold has been trading downwards. The price tested the $1,126.87 level in a high volume. Using the market profile, I found todays’ point of control at the price of $1,142.00 on the 30M time frame. There is also profile peak at the price of $1,137.35. Watch for small retracement to establish bearish positions. Price is trading below 21SMA, which is another sign of weakness. Downward targets are set at the levels of $1,126.15, $1,115.00 and $1,097.00.
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com